Tallgrass Energy Partners LP (NYSE:TEP) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday.

According to Zacks, “Tallgrass Energy Partners, L.P. owns, operates, acquires and develops midstream energy assets primarily in North America. It provides natural gas transportation and storage services for customers in the Rocky Mountain and Midwest regions of the United States through pipelines and natural gas processing assets. Tallgrass Energy Partners, LP is based in Overland Park, Kansas. “

Other equities research analysts have also issued research reports about the company. Credit Suisse Group AG reissued a “neutral” rating on shares of Tallgrass Energy Partners in a research note on Tuesday, August 16th. Barclays PLC lifted their price objective on Tallgrass Energy Partners from $49.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $52.78.

Tallgrass Energy Partners (NYSE:TEP) opened at 47.69 on Thursday. Tallgrass Energy Partners has a 12-month low of $25.82 and a 12-month high of $50.78. The firm has a market cap of $3.44 billion, a P/E ratio of 21.58 and a beta of 0.99. The company has a 50-day moving average price of $46.93 and a 200-day moving average price of $44.88.

Tallgrass Energy Partners (NYSE:TEP) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.35. The business had revenue of $146.90 million for the quarter, compared to the consensus estimate of $147.34 million. Tallgrass Energy Partners’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.55 EPS. On average, analysts predict that Tallgrass Energy Partners will post $2.51 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 14th. Stockholders of record on Monday, October 31st will be issued a $0.795 dividend. The ex-dividend date of this dividend is Thursday, October 27th. This represents a $3.18 annualized dividend and a dividend yield of 6.67%. This is an increase from Tallgrass Energy Partners’s previous quarterly dividend of $0.76.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Balentine LLC bought a new position in Tallgrass Energy Partners during the second quarter valued at approximately $101,000. Acrospire Investment Management LLC increased its position in Tallgrass Energy Partners by 47.4% in the second quarter. Acrospire Investment Management LLC now owns 2,800 shares of the company’s stock valued at $129,000 after buying an additional 900 shares in the last quarter. BNP Paribas Arbitrage SA bought a new position in Tallgrass Energy Partners during the third quarter valued at approximately $200,000. US Bancorp DE increased its position in Tallgrass Energy Partners by 377.1% in the second quarter. US Bancorp DE now owns 5,678 shares of the company’s stock valued at $262,000 after buying an additional 4,488 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position in Tallgrass Energy Partners by 2.5% in the second quarter. Alliancebernstein L.P. now owns 5,720 shares of the company’s stock valued at $263,000 after buying an additional 140 shares in the last quarter.

Tallgrass Energy Partners Company Profile

Tallgrass Energy Partners, LP owns, operates, acquires and develops midstream energy assets in North America. The Company operates through three segments: Crude Oil Transportation & Logistics, which includes the ownership and operation of a crude oil pipeline system; Natural Gas Transportation & Logistics, which includes the ownership and operation of Federal Energy Regulatory Commission-regulated interstate natural gas pipelines and integrated natural gas storage facilities, and Processing & Logistics, which includes the ownership and operation of natural gas processing, treating and fractionation facilities, the provision of water business services primarily to the oil and gas exploration and production industry and the transportation of natural gas liquid (NGLs).